Colliers International sells iconic Stirling building which was lovingly restored as hotel
An award-winning hotel, which has played a long and varied role in the history of Stirling, has been sold to a private investment group with plans for expansion.
The Edinburgh office of the leading hotel and licensed specialist, Colliers International, acted in the sale of the Colessio Hotel in the centre of Stirling’s old town. This magnificent Georgian building on the road to Stirling Castle dates from 1825 when it was originally built as a bank. In the late 19th century, it was converted to a hospital infirmary and remained in that use for 50 years, before being used as a library and offices.
Since 2010 the building has been lovingly restored to its former glory and opened its doors as a hotel in 2014.
Alistair Letham, a director in the UK hotels agency team at Colliers International, said: “The Colessio Hotel was offered for sale on a confidential basis but attracted interest from both local (UK) buyers and a range of overseas operators and investors. The hotel’s location means it has offers great ease of access to Scotland’s main population centres and the many visitor attractions in the cities and the Highlands. Plus of course, with the hotel being located so close to the iconic Stirling Castle, makes it an automatic attractive proposition. The new owners are planning on expanding the hotel to provide additional bedroom accommodation.”
The Colessio already provides 37 stylish bedrooms in a high quality boutique-style, along with bar and restaurant grill, ballroom, and conference and meeting rooms. It has been sold by the private owners of Colessio Hotel Limited to allow them to concentrate on their other business interests.
The new owner is Hotel Colessio (Holdings) Limited, a private investor group. The hotel will be operated by Focus Hotels Management, which already manages two hotels for the same investors. The new owners plan to invest further in the hotel to ensure quality is maintained, and subject to planning, will build a new 20-room extension.
The purchase price for the Colessio Hotel, 33 Spittal Street, Stirling, FK8 1DU, was not disclosed but selling agent Colliers International confirmed that it was close to the asking price of “offers around £6,000,000”.